Bank of Rockbridge - Lexington, VA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 22, 1895
Location: Lexington, Virginia (37.782, -79.444)

Metadata

Model: gpt-5-mini
Short Digest: d6134df3

Response Measures

None

Description

Article (Staunton Vindicator, 1895-02-22) reports the bank 'failure' with a defaulting cashier (Figgatt), large shortages, and an assignee (J. K. Edmondson) examining assets. No run or depositor agitation is described — this appears to be a bank suspension/failure due to embezzlement/insolvency, with an assignee/receiver appointed. I corrected OCR oddities (envellopes -> envelopes) when interpreting text.

Events (2)

1. February 22, 1895 Receivership

Newspaper Excerpt: J. K. Edmondson, assignee, finds: Cash, $0,573.12; cash tickets, $1,129.20. ... President Campbell of the bank, says the surety bonds of Cashier Figgatt will yield, he thinks, about $65,000, which, if realized, will give depositors say sixty-five cents on the dollar. (mentions assignee/receiver).
Source: newspapers

2. February 22, 1895 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure/insolvency caused by embezzlement/defalcation by the cashier (Figgatt), large cash shortages discovered in books and vaults.
Newspaper Excerpt: Among the rumors current on the street since the failure of the bank ... THE DEFAULTING CASHIER'S LAST OFFCIAL STATEMENT. ... The inference, and the just one, is that the $8,582.71 was made away with by Figgatt just before his departure, or carried with him.
Source: newspapers

Newspaper Articles (1)

1. February 22, 1895 Staunton Vindicator Staunton, VA

Article from Staunton Vindicator, February 22, 1895

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Article Text

a bank of deposit, also to carry on a general banking business, The name was changed to the "Bank of Rockbridge." It has a paid up capital stock of $65,000, and is in a sound financial condition. Col. James K. Edmondson is the President. Mr. Wm. P. Irwin was tendered the position of cashier. FIGGATT TRIES TO TAKE CARE OF TWO FRIENDS. Among the rumors current on the street since the failure of the bank was one to the effect that the absent cashier had left packages of considerable value to be delivered to Mr. C. W. Irvine and Mr. J. A. Straub. An investigation of these rumors sho wed the following to be the facts of the case On Saturday morning two large sealed envellopes, one addressed to C, W. Irvine, and the other to J. A. Straub, were delivered at Irvine's hotel. Mr. Irvine opened the package bearing his name, and found the contents to be several negotiable notes and a deed of trust on Buena Vista lots, in which he and Mr. Figgatt were mutually interested; two bonds and currency to the amount of his last two deposits in the Bank of Lexington, with the tickets of deposits. Not a word accompanied this package. Mr. Straub found the package addressed to him to contain Rockbridge county bonds and cash to nearly the amount of the balance due him in bank. Mr. Straub had asked Mr. Figgatt to invest his money for him, and the bonds were accompanied by a note saying: "I bought these bonds for you several weeks ago, and have lately charged the amount to your account." These gentlemen, after ample consideration, sent for Mr. J. L. Campbell, president of the bank, stated the case to him and that they held the packages intact. Upon examination of the bank books it was found that the two deposits had never been credited to Mr. Irvine, and that Mr. Straub's account was charged with the amount in the envelope. Both of these gentlemen requested President Campbell to make a full and detail report of the foregoing facts to the board of directors. The value of these amounts makes something like $3,300. If current reports be true there are other amounts in the hands of other gentlemen left by Figgat, which will show up in a few days. THE DEFAULTING CASHIER'S LAST OFFCIAL STATEMENT. The statement given the board of directors by Cashier Figgatt at the regular weekly meeting of the board, Saturday, February 9th, when all accounts are examined weekly, is as follows $23,595.35. The bank books at close of business on Thursday, 14th, showed, "Cash and cash items" of $22,244.12. J. K. Edmondson, assignee, finds: Cash, $0,573.12; cash tickets, $1,129.20. The facevalue of the cash and cash tickets found by him in making the examination was $13,661.33 There were $6,959.01 of valueless tickets. There was $8,582.71 cash and cash tickets of which there was absolutely nothing to be seen of value or of no value. The inference, and the just one, is that the $8,582.71 was made away with by Figgatt just before his departure, or carried with him. Of the cash items reported by Edmondson, as found, and of value, $1,000 was made up of drafts drawn against dividends in coal stock companies at Rush Run, W. Va., and which dividends will fall due in a few weeks. It is suggested that these drafts represent $1,000 taken from the drawer by Figgatt, Thursday. If so, it is to be inferred that he had taken at that time, or within the few days preceding, that amount in addition to $8,582.71 mentioned above. MISCELLANEOUS NOTES. The fact that some of the stockholders in the gutted bank very recently disposed of their holdings, is meeting with severe criticism from the people. President Campbell of the bank, says the surety bonds of Cashier Figgatt will yield, he thinks, about $65,000, which, if realized, will give depositors say sixty-five cents on the dollar. Mr. Robert K. Godwin, the brother-in-law of Figgatt, and assistant cashier of the bank, was arrested Monday, and while $500 bail was required, he promptly offered bail to the